is your goal to commit (save/update) the “ParamLookupType” object in to your database?
If yes, you can just use the “Commit Object(s)” Activity to commit your paramater “ParamLookupType” to your database without the need of creating a new object, copy the parameter data/attributes and afterwards commit it to the database.
Looking at you microflow, it seems to me like, you are creating LookType object based on another object.
Which is technically cloning. So try, Clone or DeepClone java action from CommunityCommons. ObjectHandling module has similar java actions.
I guess, it should support cloning of different entities. However, I havnt tried yet